The Central Bureau of Investigation (CBI) has booked Ample Textile Corporation Private Limited, its directors and others for allegedly cheating the Union Bank of India to the tune of ₹35.44 crore.
The other accused have been identified as Pravinbhai Mangukiya, Dhanjibhai, Maheshbhai, Divyaben, Rameshbhai, Ramilaben Mangukiya and Perry Impex Private Limited.
The company, which has its corporate office in Mumbai and is in the business of embroidery work, had approached the bank’s textile market branch in Surat for credit facilities. The bank sanctioned ₹39.79 crore in loans under different heads.
The bank later found out that from the cash credit account of the company, funds were allegedly transferred to the accounts of two directors. More than ₹4.71 crore was also withdrawn from the account, while payments of considerable amounts were made to the entities whose line of business did not match with that of the borrower company.
Some of these entities were identified as Sumika Chemical Analysis Services Limited, Blue Whale Enterprise, Abhilasha Plast Private Limited and Meenakshi Enterprise.
The bank alleged that the borrower company and its directors diverted the funds and did not make repayments, as a result of which the account turned non-performing asset in March 2016. The bank could recover only ₹5.85 crore by disposing of the mortgaged properties.
Based on the forensic audit report that detected several financial irregularities, the account was declared a fraud in July this year and reported to the Reserve Bank of India for further action.
